Foresight News reports that, according to The Wall Street Journal, neither Musk nor his advisors have submitted documents to the Federal Election Commission indicating the establishment of a new political entity called the 'American Party.' The name of this party is similar to the America PAC, a political action committee he helped establish. According to documents, through this political group supporting Trump's campaign, Musk spent nearly $300 million in 2024 to assist Trump and other Republicans. Although third-party candidates in the U.S. have never become president, they can play a disruptive role by siphoning votes away from the two major parties.